Cypress West Partners and TPG Angelo Gordon Programmatic Announce Joint Venture Focused on Medical Office Buildings in Sunbelt Markets

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1066 McDowell Mountain Medical Doc ID3 493515 ID 493515

April 16, 2024 – CBRE Investment Banking has arranged a programmatic joint venture between Cypress West Partners (“Cypress West”) and TPG Angelo Gordon, which has the ability to acquire up to $300 million in medical office assets across the Sunbelt region over the next two years.

The joint venture between Cypress West and TPG Angelo Gordon will focus on the acquisition of medical office assets in strategic, high-growth Sunbelt markets that provide the opportunity to generate core-plus and value-add returns through leasing, repositioning, and redevelopment.

The joint venture has already completed its first acquisition – an 85,000 square-foot medical office facility at 9377 E. Bell Road in Scottsdale, AZ – and will also be seeded by the recapitalization of a four-asset portfolio that totals approximately 200,000 square-feet across Arizona and California and is 97% occupied by a diverse roster of healthcare tenants.

“This is an exciting opportunity to partner with a like-minded team and leverage our expertise in investing and operating high-quality medical office assets,” said Chris Cumella, Chief Executive Officer and Co-Founder of Cypress West.

Frank Virga, Managing Director, U.S. Real Estate at TPG Angelo Gordon, added, “This strategic joint venture highlights our strong conviction in the medical office sector and the attractive opportunities we believe lie ahead in the market.”

“This initiative brings together two leading specialists in the sector, who can leverage their combined experience in scaling their medical office platform. We’re thrilled they were able to come together and expect an active partnership ahead,” said Michael Yang, Senior Managing Director of CBRE Investment Banking.

About Cypress West

Cypress West is a vertically-integrated, owner-operator focused on acquiring, developing and operating institutional quality healthcare real estate throughout the United States. Based in Orange County, CA and Dallas, TX, the firm is led by its two founders, Chris Cumella and Jeff Johnson, and principals Eric Minor, Ed Hernandez, and Sam Clark who are responsible for leading a large diversified portfolio of healthcare real estate with decades of experience underwriting medical properties. For acquisition opportunities, please contact Sam Clark ( and Ed Hernandez (

About TPG Angelo Gordon

Founded in 1988, Angelo, Gordon & Co., L.P. (“TPG Angelo Gordon”) is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $78 billion* across a broad range of credit and real estate strategies. For more information, visit

*TPG Angelo Gordon’s currently stated AUM of approximately $78 billion as of December 31, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at